$60,000 Loan Repayment!

Finally the financial Gods have spoken and we have received our loan repayment disbursement. For everyone out there that wants to know what this is, and how the hell you get it, let me explain.

If you are a medical provider in an under served area or work for some public health locations, the government offers a loan repayment program. Your office must be a qualified location and your position must be a qualified position. You have to apply like you would a grant or scholarship. They only give money to a certain number of people per year. If they accept you, in about 90 to 120 days, you get a lump sum to be used on qualified government loans. You must provide proof of payment and stay at your job in the position your are in for at least 2 years from the date of the loan acceptance. 

The state and federal governments both provide these types of programs, so if you work for public health or a branch of government look into this for yourself.  They provide this as an incentive to work for those companies because generally you will be paid less than if you were in private practice. 

Anyway $60,000 is hovering out there in outer-space waiting to be applied to our loans. Now which loans are we going to payoff?  Dave Ramsey says you pay off the smallest balance ones first. Unfortunately that won't help us in the long run. Remember Ramsey says getting out of debt should take you 12 to 24 months and we are looking at 7 years! So I vote for the highest interest.

We are now $60,000 less in debt than yesterday.  Which puts our total debt (not including mortgage) at $519,754.  While this figure is still shocking it is no longer discouraging any more. We are going to do this!